Transwestern’s South Florida industrial team announced it facilitated two sublease transactions totaling 70,471 square feet at Flagler Station Phase II in Medley for PriceSmart Inc., the largest operator of membership warehouse clubs in Central America and the Caribbean.

Miami remains one of the tightest industrial markets regarding vacancy with an average rate of 4.8 percent, according to research by Transwestern. The lack of space over recent years has caused construction activity to heighten with 3.3 million square feet of space under construction, 57 percent of which has been preleased. In first quarter 2018, the Medley submarket reported vacancy at 7.4 percent, a temporary bump caused by the completion of more than 2 million square feet during 2017. The market is on track to absorb the new product and keep vacancy near or at 5 percent.